Hersha Hospitality Trust

Last updated
Hersha
Company type Privately held company
Industry Real estate investment trust
Founded1984;41 years ago (1984)
FounderHasu P. Shah
Headquarters Philadelphia, Pennsylvania
Products Hotels
OwnerKSL Capital Partners
Number of employees
21
Website www.hersha.com

Hersha, headquartered in Philadelphia, Pennsylvania, owns 18 hotels comprising 2,963 rooms. [1] It is owned by KSL Capital Partners, a private equity firm. Notable hotels owned by the company are the St. Gregory Hotel and the The Ritz-Carlton, Georgetown, both in Washington, DC.

Contents

History

In January 1979, Indian-American immigrant Hasu P. Shah and his wife, Hersha, after whom the company was named, bought an 11-room motel near Harrisburg, Pennsylvania. [2] Five years later, Hasu Shah formed the company and purchased a hotel in Harrisburg, Pennsylvania. [2]

In January 1999, a year after being organized into a Maryland real estate investment trust, it became a public company via an initial public offering. [3]

In May 2006, the firm acquired four Boston-area hotels for $44 million. [4]

In June 2015, the company acquired the St. Gregory Hotel in Washington, D.C. for $57 million. [5] The company acquired The Ritz-Carlton, Georgetown for $49.9 million in January 2016. [6]

Hersha sold seven of its Manhattan hotels in February 2016 to a joint venture with Chinese company Cindat Capital Management. [7]

In November 2023, private equity firm KSL Capital Partners acquired Hersha for $1.4 billion. [8] [9] [10]

References

  1. ↑ "Our Hotels". Hersha.
  2. 1 2 STEINBERG, DON (September 19, 2011). "The Shah Brothers Would Like You to Sleep With Them". Philadelphia .
  3. ↑ Thomas, Marita (September 26, 2003). "Hersha to Raise $78M in Stock Offering". GlobeSt.com.
  4. ↑ "Hersha Hospitality buys hotel portfolio for $44M" . American City Business Journals . May 4, 2006.
  5. ↑ Sernovitz, Daniel J. (June 16, 2015). "Dupont Circle hotel sells for $57 million; new owner plans to upgrade restaurant, lobby" . American City Business Journals .
  6. ↑ Neibauer, Michael (January 6, 2016). "Here's who just bought the Ritz-Carlton Georgetown" . American City Business Journals .
  7. ↑ Hilario, Kenneth (May 2, 2016). "Hersha closes $571M multi-hotel sale". American City Business Journals .
  8. ↑ Fox, Jena Tesse (August 8, 2023). "Breaking News: KSL Capital Partners to acquire Hersha Hospitality Trust for $1.4B". Hotel Management . Questex.
  9. ↑ O'Neill, Sean (August 28, 2023). "KSL Buys Hersha Hospitality for $1.4 Billion in Private Equity Bet on Lifestyle Hotels". Skift .
  10. ↑ Whyte, Patrick (November 29, 2023). "KSL Capital Partners and Hersha Hospitality close $1.4bn deal". Hospitality Investor. Questex.
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